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Thrift and Thriving in AmericaCapitalism and Moral Order from the Puritans to the Present$
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Joshua Yates and James Davison Hunter

Print publication date: 2011

Print ISBN-13: 9780199769063

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199769063.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 06 August 2020

Hard Payments

Hard Payments

Consumer Credit and Thrift

(p.307) 13 Hard Payments
Thrift and Thriving in America

Lendol Calder

Oxford University Press

This chapter deals with the transformation of credit across the late 19th and early 20th centuries. First, it considers the notion that credit is an essentially modern invention by detailing the history of informal modes of credit (like the tab at the country store) that existed long before the 20th century. Next, it shows how the 20th century saw a proliferation of novel forms of consumer credit, not least the diffusion of the installment plan. It argues that the new forms of credit fostered a new form of penny-pinching, or thrift. To be sure, the discipline of allotting money carefully so that one can afford to make all the monthly payments that accrue in the modern credit era not only reinstitutes thrift but recalibrates it to the patterns of mass consumption in the process. But, again, such transformation of thrift comes with a price: the credit may be easy, but the discipline of monthly interest payments is “hard”.

Keywords:   thrift, consumer credit, installment plan, mass consumption

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